03.19.26

Empower To Offer Trump Account Rollovers

by: Edward Rueda

Empower Annuity Insurance Co. of America will serve as a rollover custodian for Trump Accounts, 530A individual retirement accounts designed for children launching July 4. Withdrawals are prohibited until account holders turn 18, but rollovers into IRAs or between Trump Accounts will be allowed once regulations are finalized. As part of a pilot program, the U.S. Department of the Treasury will deposit $1,000 into accounts for children born 2025–2028. On Feb. 2, Empower announced that it would join companies matching the federal deposits to their employees’ qualifying dependents.

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